Will TurboTax be able to handle the newly passed Coronavirus Unemployment Benefits Tax Relief Act in Illinois?

[mtoral1]

This Act waives the federal tax on the first $10,200 of unemployment benefits.

[xmasbaby0]

This is a bill that has been proposed by two IL members of Congress.   It has not been passed.

https://abc7chicago.com/taxes-unemployment-pua-peuc/10262189/

[beffoney]

This was passed today. How does this affect those who have already filed 2020 taxes with unemployment taxes? When will we be able to amend our returns to claim the tax waiver?

[SteamTrain]

....Yall are jumping the gun...

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No......it has to go back to the House...AND if the House agrees to retroactively apply it to 2020 too...they may not.

Then it has to go to the President...Probably sometime next week..

THEN the IRS hast to set up their own software to deal with it, and set the rules under which it will be dealt with....then let the software companies know how it is to be dealt with.......this last step can take a month or three !!